Dr Marisa Miraldo, Associate Professor in Health Economics at Imperial College Business School, discusses ways to accelerate innovation in healthcare for the benefit of patients, healthcare providers, and industry.
The decline in innovation in research and development (R&D) in the pharmaceutical sector is well documented. Over the past decade, only around a quarter of new drug launches in the UK and a third of new drug approvals in the USA have been truly innovative drugs (using a new approach to fighting disease). This slowdown in innovation particularly affects diseases that are less profitable or more complex. Mental health conditions like dementia and depression, for instance, affect almost 40% of the population but are facing a critical shortage of new treatments.
To make substantial advances in tackling disease and improving public health, we need a new approach to boost innovation in areas of critical need, whilst reducing the complexity and cost of drug development. Currently, fewer than 1 in 10 drugs tested in clinical trials ever makes it to market, and it costs over US$1 billion and takes around 12 years to develop a new medicine…Our research programme at Imperial College Business School aims to tackle these challenges. The main focus has been on understanding the factors that influence innovation success or failure in the R&D process, and on identifying strategies to promote the spread of innovation in clinical practice.
As part of a global study, we are analysing R&D activity data for 62 countries across most disease areas. This has helped us to understand how and why healthcare innovations succeed or fail in the clinical phases from discovery to market launch….
Excerpt from Imperial College Business School’s brand campaign #whatthefuture. The full article is available here